The glorious «above the law» days of the big banks seems to see the end. In a more than interesting move on June 16th., UK minister of finance George Osborne announced a major overhaul of Britain’s banks, approving a separation of their retail and investment businesses to help avoid another global financial crisis. The merge of retail and investment was what started the big mess in the first place.
It was president Bill Clinton that that stopped the Glass Steagall Law. A law that had been blocking all chances for ordinary banks to be investment houses. The idea was to avoid the banks using their customers money for speculation. But in 1999 Clinton opened the floodgates of the bank, when he repealed Glass Steagall. It changed banking all over the world. The banks got completely crazy, with financial tools for purely speculative purposes being «their main purpose of existence». Now UK will back to reality, as it was before 1999. It is more than interesting the banks seems not to be able to stop it. Something must defintely be going on, and it looks to be good!